Mainland Chinese buyers have accounted for 80% of transactions in Hong Kong’s ultra-luxury property market over the past 19 months, snapping up around HK$23 billion (US$2.93 billion) worth of homes, according to the South China Morning Post, citing data from Savills.
From January 2024 to July 2025, 35 deals worth at least HK$300 million each reshaped ownership of the city’s most expensive homes, shifting them from local property tycoons to entrepreneurs who made fortunes in fast-growing sectors such as artificial intelligence, fintech, gaming, healthcare, and logistics.
Savills’ head of residential sales, Thomas See, said 24 of the transactions were on Hong Kong Island — including The Peak, Jardine’s Lookout, and the Southside — while 11 were in Kowloon’s Kai Tak and Kowloon Tong areas. More than half were first-hand sales; the rest were from sellers under financial distress, including five properties in receivership.
Among the notable sales:
- In April 2025, Wang Baoshan, wife of Meitu co-founder Mike Cai Wensheng, bought a 5,466 sq ft house at 8 Perkins Road, Jardine’s Lookout, for HK$465.8 million — 22% below the HK$600 million asking price.
- The same month, Zhejiang Hengyi Group chairman Qiu Jianlin purchased a 6,071 sq ft detached unit in Pok Fu Lam’s “Pokfulam 138” for HK$300 million.
- In October 2024, a 16,700 sq ft town house at 28 Peak Road sold for HK$1.05 billion to Zhansheng Network Technology, a Chinese gaming firm. The property had belonged to the Ho Shung-pun family, which also sold three houses at 46 Plantation Road for HK$1.1 billion to touchscreen tycoon Yeung Kin-man in August 2024.
- In March 2025, a penthouse in the Opus Hong Kong building on The Peak fetched HK$512 million from Harbour Sky Group.
Five deals exceeded HK$1 billion, three of them at Kerry Properties’ Mont Verra development atop Beacon Hill in Kowloon Tong.
See said many secondary sales came from sellers hit by losses in commercial real estate and property-related bonds. The Ho family, for example, offloaded multiple Peak properties in 2023 for about HK$3 billion to repay private loans.
Despite the market’s challenges, the influx of cash-rich mainland buyers — often from sectors that thrived during and after the pandemic — has kept Hong Kong’s super-prime segment active, the South China Morning Post reported.
